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Westfield offloads UK malls

 

WestfieldWestfield Group has raised £597 million ($1.09 billion) through the sale of three UK shopping centres to UK-based retail landlord, Intu Properties.

The centres involved in the transaction include Merry Hill, Derby, and Sprucefield.

The sale comes following the group’s decision in December to split its Australian and New Zealand assets from its international business.

“Today’s announcement continues the strategic repositioning of the international portfolio in line with our focus on investing and operating iconic retail destinations in major world cities,” said Steven Lowy, co-CEO, Westfield Group.

“Post completion of these divestments, the UK/European portfolio will comprise our two major London assets – Westfield London and Stratford, which are already two of the best retail destinations in Europe,” Lowy said.

“It will also include the major development opportunities at Milan in Italy and Croydon in London, which we expect to be amongst Europe’s top retail destinations.”

 

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